As part of my New Year’s resolution to turnover more rocks - I’ve been casting my net a little further afield. I have come across $BCG.L by way of Twitter/X user Main Ridge (quite a sharp guy, and definitely worth a follow). As its name would indicate, it’s a collection of classifieds businesses in the Baltic countries of Estonia, Latvia, and Lithuania that listed on the London Stock Exchange in 2021. The economics of the business as a whole are unusually good, and it seems that, across their many portals, they have a decent amount of pricing flexibility. You’d certainly assume so with their casual 78% EBITDA margin.
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